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82 41

103 85

656 50

Brought forward,

$3,330 99 Meeting expenses, including Annual Banquet, 512 97 Printing and distributing Transactions,

2,994 78
Engraving,
Badges,
Miscellaneous,

31 35 Postage, telephone and express,

233 04 Advance copies of papers, Office supplies and furniture,

42 13 Stenographer and proof,

859 90 Medals and certificates of membership, Forest Reservation Legislation,

113 13 International Conference of Cotton Growers and Manufacturers,

1,202 09 Subscriptions to lunch to Foreign Cotton Manufacturers at Washington,

388 45 Cash,

339 30

$11,159 31

268 42

The Association holds the following funds for the specific purposes as set forth, and the income during the past fiscal year is as follows:

INCOME. $58 81 42 01

8 41

PRINCIPAL. Life membership fund,

$1,400 00 Associate medal and certificate fund,

1,000 oo
Student's medal fund, Donation of Moses Pierce), 200 00
Library fund, (Bequest of George W. Weeks,) 1,000 00
Textile scholarship fund, (Donation of William
Firth,)

3,000 00
$6,600 00

42 01

$151 24

The principal of this fund is held in trust by the Treasurer of the New Bedford Textile School and the income sustains the scholarship in accordance with the provisions of the deed of trust executed by this Association and the New Bedford Textile School, February 20, 1902.

Invested as follows:

Bonds, (market value April 1, 1908, $1,975),
Deposited in Savings Banks,
Deposited in Trust Company,
Held in trust by treasurer of the New Bedford

Textile School,

$1,935 u
1,364 89

300 00

3,000 00

$6,600 00

AUDITOR'S REPORT.

I hereby certify that the amounts from April 1, 1907, to April 1, 1908, are correctly cast, that all payınents are properly vouched for, that the funds are kept in deposit in the name of The National Association of Cotton Manufacturers, and that the amount of the deposit April 1, 1908, agrees with the balance in the books viz., $339.30.

The securities in which the Association funds are invested have been examined.

C. E. ROBERTS,

Auditor. BOSTON, Mass., APRIL 7, 1908.

The earnings of the Association for the year may be placed as:

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The expenses of the year have increased not merely on account of those legitimately applying to this Association on account of the International Conference of Cotton Growers and Manufacturers held at Atlanta, but because this Association has not been fully reimbursed by the others affiliated with it. It was agreed that this Association should assume in excess of its divisional share of the expenses, the excess above a thousand dollars on account of its initial work, which, however, did not include a material part of the office expenses and correspondence which are inevitable with such assemblies. Four American associations united in the call to the Conference and at the meeting and one other association was admitted by vote, but afterwards declined to pay its share for the Atlanta Conference although expressing its willingness to do so in the event of a future conference.

Therefore, the expenses of one thousand dollars were divisible by four and not by five, of which this Association contributed one share. Another organization has not yet fulfilled its promise to pay its contribution. In addition the expenses relative to the action of this Association pertaining to forestry legislation, have been $113.13, making a total additional expense for the year of $815.22.

While this is not a large amount, it should be remembered that it has been the policy of this Association not to accumulate funds, but to apply its income for the benefit of its members and in addition to this the income from interest on funds and advertisements enable expenditures as stated in the Treasurer's report of a year ago to be thirty-six per cent. more than the members paid to the Association during the year.

This failure to collect bills receivable and also the delays of dues and the additional expenses mentioned above forced the Association to obtain a loan of $1,500, late in its fiscal year.

There are no bills payable other than the above note which has been paid since April first.

The income derived from advertisements has enabled the Association to be conducted on the same basis as other technical organizations which are supported by higher assessments as well as by advertisements in their transactions. The earnings from this source have amounted in the several volumes of the Transactions to :

$385 oo 420 00 450 00 550 oo 445 00 580 oo 665 00

Philadelphia, October 1897,
Boston, April, 1898,
Crawford House, September, 1898,
Boston, April, 1899,
Montreal, October, 1899,
Boston, April, 1900,
Washington, October, 1900,
Boston, April, 1901,
Pan-American, September, 1901,
Boston, April, 1902,
New York, September - October, 1902,
Boston, April, 1903,
Lenox, September - October, 1903,
Boston, April, 1904,
Bretton Woods, September, 1904,
Boston, April, 1905,
Atlantic City, September, 1905,
Boston, April, 1906,
Lake Champlain, September, 1906,
Boston, April 1907,
Washington, October 1907,
Boston, April, 1908, (already under contract,)

620 00

63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81

595 00 575 00 645 00 745 00 705 00

616 oo

650 00 460 00

620 00

82 83 84

715 00 685 00 685 00 700 00 425 00

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